GEO Group Inc. (GEO) Surged To A 5-Month High On Special Dividend News

12/10/2012 6:29 AM ET

GEO Group Inc. (GEO: Quote) announced after the close Thursday that its Board of Directors has unanimously authorized GEO to take all necessary steps that will prepare GEO to position itself to operate as a real estate investment trust. GEO's Board also declared a special dividend of $5.68 per share of common stock.

GEO Group gapped open sharply higher Friday, but traded in a range for the majority of the session. The stock closed up by 2.56 at $32.00 on the highest volume of the year and jumped to a 5-year high.